Business Bank Account

Declaration_2

Hi,

I am in full time employment, but am starting up a part time business.

I have my first client, which will pay me £9k for one day per month over 18 months.

I obviously need to formally start a company to do this, but I will also need a business bank account.

I have moved house due to work commitments a couple of times in the past five years, and I have a default for £3k which is due to drop off my credit report in 9 months time. It is the only black mark on my credit rating, as everything else is paid off fully each month. Since the default I got a credit card from Vanquis, that now has a limit of £2.5K, but is also paid off in full each month.

What are my chances of getting a business bank account, and who would be the best bank to apply to?

I'm not looking for credit facilities, as I won't need them, and I don't have stock or premises to get. I will be working from home so my only overheads will be utilities.

Thanks in advance for any advice.

lolavix

Natwest foundation would probably be your best bet

missile

I would try the bank you do your private banking with.

[Deleted User]

Declaration wrote: »

I have my first client, which will pay me £9k for one day per month over 18 months.

I obviously need to formally start a company to do this, but I will also need a business bank account.

Well you don't NEED either. You could register as Self Employed with HMRC, do a tax return each April, and pay the tax on it then as personal income.

jonesMUFCforever

billbennett wrote: »

Well you don't NEED either. You could register as Self Employed with HMRC, do a tax return each April, and pay the tax on it then as personal income.

£9k of turnover on a personal bank account will soon be picked up by the bank.
In this case OP NEEDS a business bank account.

premiere

Natwest Foundation Account is good but remember if you open it via Direct Business Banking it will be part of the bundle of accounts that transfer to Santander. (I have one)

I believe if you go into a branch and open one, it stays with Natwest.

Declaration_2

Thanks for the advice. Looks like I'll be applying for a foundation account. I'm looking forward to my default dropping off my record!